XBRL Filing - ROC Annual Filing for Large Companies
The full form of XBRL is “EXTENSIBLE BUSINESS REPORTING LANGUAGE”. XBRL is a language for e-communication of financial and business data for business reporting. It is a standardized communication language in electronic form to express, report or file a financial statements by a Companies. However, XBRL is only a method of presentation or reporting. It does not attempt to make any changes in the content to be reported.
A end to end hand holding for your annual requirements is what we have in this plan. TAXAJ will assist you in matters like drafting, appointing, filling and much more.
It Usually takes 5 to 7 working days.
- Secretarial services of preparing board resolution, post AGM
- Yearly filing of MGT-7, AOC-4 for Pvt Ltd Company
- Disclosure of Interest by director (Form MBP-1)
- Assistance in appointment of Auditor, if required
- Companies want to comply to the Annual Compliance as mandated my ROC/MCA
- Purchase the plan
- Share the documents/details as requested by us.
- We shall prepare the documents as required & get signed by you.
- Prepare the form as applicable & file it.
The following Documents need to be filed in XBRL Format:
- Balance Sheet
- Profit and Loss Statement
- Cash Flow Statement
- Schedules related to Balance Sheet and Profit and Loss Statement
- Notes to Accounts
- Statement pursuant to Section 212 of the Companies Act, 1956 relating to subsidiaries
- Audit and Annual Report
Applicability of XBRL Filing
Below mentioned class of companies shall file their financial statements and other documents under section 137 of the Companies Act, 2013 with the Registrar in E-form AOC-4 XBRL:
- All public companies listed in the stock exchange in India and their Indian subsidiaries.
- All companies with a turnover of Rs 100 crores or more.
- All companies with a paid up capital of Rs 5 crores or more.
- All the companies which are required to prepare their financial statements in accordance with the Companies ( Indian Accounting standards) rules, 2015.
However, Non-banking financial companies, Housing finance companies and Companies engaged in the business of Banking and Insurance sector are exempted from filing of financial statements under these rules.
Moreover the companies which have filed their financial statements in XBRL under section 137 shall continue to file their financial statements and other documents in XBRL only, though they may cease to fall under the class of companies
How does XBRL (EXTENSIBLE BUSINESS REPORTING LANGUAGE) work?
How does XBRL (EXTENSIBLE BUSINESS REPORTING LANGUAGE) work?
XBRL makes the data readable, with the help of two documents
- Taxonomy and
- Instance document
Taxonomy defines the elements and their relationships based on the regulatory requirements. Using the taxonomy prescribed by the regulators, companies need to map their reports, and generate a valid XBRL instance document. The process of mapping means matching the concepts as reported by the company to the corresponding element in the taxonomy. In addition to assigning XBRL tag from taxonomy, information like unit of measurement, period of data, scale of reporting etc. needs to be included in the instance document.
Benefits of XBRL
XBRL offers many benefits in the field of business reporting and analysis:
- Improved way of reporting
- Automated data collection
- Reliable and accurate
- Cost effective
- Time saving process
- Analytical process
- Safe in data handling
- Helps in better decision making
The use of XBRL is quite varied and wide. XBRL enables producers and consumers of financial data to switch resources away from costly manual processes, typically involving time-consuming comparison, assembly and re-entry of data.
